New housing in Tower Hamlets worth four times more in total than Westminster or Kensington
PUBLISHED: 12:00 04 March 2020
New housing completed in the past 12 months is worth more in the East End than any other part of London, a national property survey has found.
Overall value of new homes in Tower Hamlets in 2019 reached £830million, outstripping even wealthy areas like Westminster or Kensington four-fold, according to research by Stone Real Estate.
This is largely due to the massive regeneration of Docklands with frenetic house-building across areas like the Isle of Dogs which is facing a massive population explosion and is now the densest area per square mile anywhere in Europe.
"Developers have completed a staggering number of properties despite the political turbulence over the last year," Stone Real Estate's chief executive Michael Stone said.
"The high value of these properties is helping stimulate the market after months of Brexit uncertainty."
Neighbouring Newham is second on the London property value list at £767m and Hackney fourth at £647m.